In February 2002, when Google introduced its AdWords Select, the main innovations about it were that the links were paid for on a cost-per-click basis (rather than CPM) and bought in open bidding using what Google calls the AdWords Discounter.
Last summer, Overture released a new bidding method that is very similar, called Auto Bidding. What this means is that marketers have a new system to deal with and they are finding it has pros and cons.
Under the old system, you simply put what you would pay for a paid link and your result was ranked accordingly. Under the new system, you put in the very most you
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